S&P affirms Toyota Motor

Standard & Poor's said it affirmed Toyota Motor Corp.'s ratings including the AA long-term corporate credit rating as well as the ratings of Toyota's domestic and overseas subsidiaries.

The affirmation follows the lowering of the sovereign rating on Japan (AA-/stable/A-1+), S&P said.

The outlook is negative.

The rating reflects the company's high credit quality, supported by its strong business and sound financial profile, S&P said.

The sovereign is an important risk factor for the credit quality analysis, and it exerts constraints not only on the company but also on the entire corporate sector, the agency said.

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